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  • Government to Enhance Investment Support for Critical Mineral Supply Chain
    Government to Enhance Investment Support for Critical Mineral Supply Chain The South Korean government is set to expand investment support to secure a stable supply chain for critical minerals, essential raw materials for advanced industries such as semiconductors, electric vehicles, and artificial intelligence (AI). In particular, the government plans to explore the use of the National Growth Fund, considering the long-term, large-scale funding needs of critical mineral projects.On July 23, the Ministry of Trade, Industry and Energy and the Financial Services Commission held a meeting at the Korea Trade Insurance Corporation in Seoul to discuss ways to stimulate investment and financial support in the critical minerals sector.This meeting was organized as a follow-up to the comprehensive measures for the rare earth supply chain announced during the third Resource Security Council held in February. Key attendees included Yang Gi-wook, head of the Ministry's Resource Security Division, and Son Young-chae, head of the National Growth Fund Promotion Team at the Financial Services Commission, along with representatives from companies involved in critical minerals.The government aims to strengthen support across the entire critical mineral supply chain, from securing overseas resources to processing and recycling.The Ministry of Trade, Industry and Energy introduced plans for special loans and investment support for resource development projects, as well as expanding stockpiles of essential raw materials. It also outlined research and development (R&D) support for developing permanent magnet technology in the rare earth processing sector.The Financial Services Commission noted that critical mineral projects are among the 12 key industries supported by the National Growth Fund, emphasizing active financial support for projects that significantly stabilize the supply chain. The National Growth Fund is a policy fund that supports advanced strategic industries and related infrastructure, including AI, semiconductors, batteries, future vehicles, defense, and robotics.During the discussions, companies expressed concerns about intensified global competition in overseas resource development, difficulties in securing essential equipment and technology, and raw material supply issues for recycling projects. They stressed the need for public sector financial support and risk-sharing due to the high business risks associated with large-scale investments.Additionally, they presented investment plans for major projects, including overseas resource development, rare earth permanent magnet production, and critical mineral recycling, while requesting continued government support.Yang Gi-wook stated, "The critical mineral supply chain is a fundamental basis that underpins the competitiveness of advanced industries such as semiconductors, electric vehicles, and AI, and is directly linked to national economic security. The Ministry and the Financial Services Commission will collaborate to expand business and financial support across the entire cycle from overseas resource development to processing and recycling."* This article has been translated by AI. 2026-07-23 11:04:00
  • Design Miami Seoul to Showcase Global Designers and Galleries in September
    Design Miami Seoul to Showcase Global Designers and Galleries in September In September, designers, galleries, and collectors from around the world will gather in Seoul. After choosing Seoul as the first Asian host last year, 'Design Miami' is significantly expanding the event this year, aiming to establish the city as a key hub for global collectible design.The Seoul Design Foundation announced on July 23 that 'Design Miami Seoul 2026' will kick off with a preview on August 31, followed by the main event from September 1 to 6 at Dongdaemun Design Plaza (DDP). The event coincides with Frieze Seoul, which runs from September 2 to 5.While last year's event focused on introducing Korean design to the world, this year’s event has evolved into an international collectible design showcase, featuring exhibitions, collecting, discussions, and exchanges among domestic and international designers.The theme for this year is 'Resonance: Design in Dialogue,' highlighting how design creates relationships and expands new experiences across different times, places, cultures, and people.The event will feature three main components: a 'Gallery Program' showcasing curated works from global design galleries, a thematic exhibition called 'In Situ,' and a 'Partner Exhibitions' segment that expands the intersection of design and industry.Participating in the 'Gallery Program' are Charles Burnand, Baguhei, and Studio Moto, while the 'In Situ' program includes Cheon Woo-seon, Lee Kyu-hong, Kwon Joong-mo, Yang Tae-oh, Beforemative, Yuki Nara, and Niam Barry. Partner exhibitions will feature Aloso and Densuk.Additionally, design seminars and VIP tours will be offered. A design seminar in collaboration with Living Sense on September 3 will feature leading designers and gallerists discussing trends in collectible design and the future of the global design industry.The Seoul Design Foundation aims to position this event as a center for collectible design in Asia, fostering creativity, collecting, and exchanges among global designers, galleries, brands, cultural institutions, and collectors.Tickets for the exhibitions and seminars will be available for purchase on the DDP website starting July 30.* This article has been translated by AI. 2026-07-23 11:04:00
  • Government to Enhance Investment Support for Critical Mineral Supply Chain
    Government to Enhance Investment Support for Critical Mineral Supply Chain The South Korean government is set to expand investment support to secure a stable supply chain for critical minerals, essential raw materials for advanced industries such as semiconductors, electric vehicles, and artificial intelligence (AI). In particular, the government plans to explore the use of the National Growth Fund, considering the long-term, large-scale funding needs of critical mineral projects.On July 23, the Ministry of Trade, Industry and Energy and the Financial Services Commission held a meeting at the Korea Trade Insurance Corporation in Seoul to discuss ways to stimulate investment and financial support in the critical minerals sector.This meeting was organized as a follow-up to the comprehensive measures for the rare earth supply chain announced during the third Resource Security Council held in February. Key attendees included Yang Gi-wook, head of the Ministry's Resource Security Division, and Son Young-chae, head of the National Growth Fund Promotion Team at the Financial Services Commission, along with representatives from companies involved in critical minerals.The government aims to strengthen support across the entire critical mineral supply chain, from securing overseas resources to refining, processing, and recycling.The Ministry of Trade, Industry and Energy introduced plans for special loans and investment support for resource development projects, as well as expanding stockpiles of essential raw materials. It also outlined research and development (R&D) support for developing permanent magnet technology in the rare earth processing sector.The Financial Services Commission noted that critical mineral projects are among the 12 key industries supported by the National Growth Fund, emphasizing active financial support for projects that significantly stabilize the supply chain. The National Growth Fund is a policy fund that supports advanced strategic industries and related infrastructure, including AI, semiconductors, batteries, future vehicles, defense, and robotics.During the discussions, companies expressed concerns about intensified global competition in overseas resource development, difficulties in securing critical equipment and technology, and raw material supply issues for recycling projects. They stressed the need for public sector financial support and risk-sharing due to the high business risks associated with large-scale investments.Additionally, they presented investment plans for major projects, including overseas resource development, rare earth permanent magnet production, and critical mineral recycling, while requesting continued government support.Yang Gi-wook stated, "The critical mineral supply chain is a fundamental basis that underpins the competitiveness of advanced industries such as semiconductors, electric vehicles, and AI, and is directly linked to national economic security. The Ministry and the Financial Services Commission will work together to expand business and financial support across the entire cycle, from overseas resource development to refining, processing, and recycling."* This article has been translated by AI. 2026-07-23 11:04:00
  • Design Miami Seoul to Showcase Global Designers and Galleries in September
    Design Miami Seoul to Showcase Global Designers and Galleries in September In September, designers, galleries, and collectors from around the world will gather in Seoul. After choosing Seoul as the first Asian host last year, 'Design Miami' is significantly expanding the event this year, aiming to establish the city as a key hub for global collectible design.The Seoul Design Foundation announced on July 23 that 'Design Miami Seoul 2026' will kick off with a preview on August 31, followed by the main event from September 1 to 6 at Dongdaemun Design Plaza (DDP). The event coincides with Frieze Seoul, which runs from September 2 to 5.While last year's event focused on introducing Korean design to the world, this year’s event has evolved into an international collectible design showcase, featuring exhibitions, collecting, discussions, and exchanges among domestic and international designers.The theme for this year is 'Resonance: Design in Dialogue,' highlighting how design creates relationships and expands new experiences across different times, places, cultures, and people.The event will feature three main components: a 'Gallery Program' showcasing curated works from global design galleries, a thematic exhibition called 'In Situ,' and a 'Partner Exhibitions' segment that expands the intersection of design and industry.Participating in the 'Gallery Program' are Charles Burnand, Baguhei, and Studio Moto, while the 'In Situ' program includes Cheon Woo-seon, Lee Kyu-hong, Kwon Joong-mo, Yang Tae-oh, Beforemative, Yuki Nara, and Niam Barry. Partner exhibitions will feature Aloso and Densque.Additionally, design seminars and VIP tours will be offered. A design seminar in collaboration with Living Sense on September 3 will feature leading designers and gallerists discussing trends in collectible design and the future of the global design industry.The Seoul Design Foundation aims to position this event as a center for collectible design in Asia, fostering creativity, collecting, and exchanges among global designers, galleries, brands, cultural institutions, and collectors.Tickets for the exhibitions and seminars will go on sale through the DDP website starting July 30.* This article has been translated by AI. 2026-07-23 11:04:00
  • Jang Dong-hyuk Calls for Investigation into Alleged Election Fraud
    Jang Dong-hyuk Calls for Investigation into Alleged Election Fraud Jang Dong-hyuk, leader of the People Power Party, urged on July 23 for the special investigation law to explicitly allow for an investigation into the Central Election Commission's (CEC) server, following the discovery of potential statistical manipulation by a joint investigation team looking into a shortage of ballots.Speaking to reporters at the National Assembly, Jang stated, "We must thoroughly investigate the truth of this matter, even if it means extending the period of the national investigation."He questioned, "If the CEC falsified voter turnout data, is it a case of a flawed election or a fraudulent election?" He emphasized the need to clarify public suspicions through investigation rather than dismissing them as conspiracy theories.Earlier, the joint investigation team announced that it had uncovered evidence of false voter turnout data input by officials from the CEC and the Gyeonggi Province Election Commission, and it planned to conduct searches based on charges of public record forgery and obstruction of official duties.Jang remarked, "Ultimately, this should lead to a search of the CEC's server," and he insisted that the scope of the special investigation should not be limited to the ballot shortage but should also include allegations of electronic manipulation of votes and other concerns.He expressed disappointment over the failure to implement an opposition-led special investigation, warning that if a credible special investigation is not appointed, public anger and backlash could engulf all political parties.* This article has been translated by AI. 2026-07-23 11:00:00
  • KB Kookmin Bank and NH Nonghyup Bank Join Deposit Token Payment Infrastructure Expansion Project
    KB Kookmin Bank and NH Nonghyup Bank Join Deposit Token Payment Infrastructure Expansion Project KB Kookmin Bank and NH Nonghyup Bank have been selected as participants in the Ministry of Science and ICT and the Korea Internet & Security Agency's 'Deposit Token Payment Infrastructure Expansion Project,' the banks announced on July 23.This initiative is a private consortium led by the Financial Settlement Agency, in collaboration with the Ministry of Economy and Finance and the Bank of Korea. The goal is to implement a private payment infrastructure that allows citizens to use deposit tokens based on the central bank digital currency (CBDC) verified through the Bank of Korea's 'Project Han River.'KB Kookmin Bank will support merchants in accepting deposit token payments without the need for replacing terminals or overhauling systems by utilizing its existing payment network.The settlement period, which previously took 1 to 3 days, is expected to be shortened to an immediate settlement level, thereby reducing the payment processing fees for small businesses. Additionally, the bank plans to co-develop key technologies such as deposit token wallet integration, security solutions, and smart contract verification with small and medium-sized enterprises and startups in the blockchain and IT sectors.NH Nonghyup Bank will collaborate with the Financial Settlement Agency consortium to implement QR code-based payment services and promote the expansion of deposit token payments using existing payment infrastructure. The bank intends to leverage the experience gained from this project to broaden its application in the public sector in conjunction with the Ministry of Economy and Finance's treasury management policies.* This article has been translated by AI. 2026-07-23 11:00:00
  • Housing Supply Chain Disrupted, Expert Urges Government Action
    Housing Supply Chain Disrupted, Expert Urges Government Action On July 23, during a national real estate forum chaired by President Lee Jae-myung, experts highlighted the disruption in the housing supply chain, which has been severed from permitting to construction, completion, and occupancy.Jin Mi-yun, a professor at Myongji University, emphasized the need for government-level financial and tax support to quickly reopen the blocked housing supply channels.During her presentation, Professor Jin stressed the urgency of housing supply for residential stability and proposed seven key policy tasks to restore the broken supply pipeline.She noted, "Since 2022, there has been a sharp decline in both permitting and construction, particularly in the volume of new construction. This will lead to a decrease in future completions and occupancy, ultimately increasing the housing cost burden on low-income and middle-class families."Jin added, "Following the jeonse fraud incidents, tenant trust has eroded, resulting in a significant drop in non-apartment new constructions, which are crucial housing options for young single-person households and newlyweds. It is urgent to restore the housing supply pipeline from permitting to construction and from construction to completion and occupancy."To alleviate supply bottlenecks, she emphasized the need for selective financial and tax support to recover new construction supply. "We need to improve the environment so that projects that have secured land and permits can proceed to construction, prioritizing support for feasible projects. However, since easing regulations or support may raise prices or expectations, it should be selectively and differentially applied rather than universally," she stated.She also stressed the need to resolve bottlenecks at all stages of private redevelopment projects. "Redevelopment projects are a long-term housing supply route that needs to be opened up, but merely easing floor area ratios has its limits. We must continuously manage bottlenecks related to construction costs, financial support, contributions, and conflicts among associations, and ensure that regulatory easing translates into actual supply," she pointed out.Additionally, Jin suggested integrating risk factors across planning, compensation, land development, and transportation into a comprehensive management system, while enhancing collaboration between the central government, local governments, and public entities. She emphasized the importance of providing affordable prices and diverse types of housing so that citizens can feel they have access to homes they can move into.She also highlighted the need for planned mixed-use development of underutilized and idle land. "With changes in industrial, employment, and consumption structures, we need to flexibly convert commercial and industrial areas that are not being utilized into residential areas. However, this should be done through prioritized, selective, and planned mixed-use development rather than blanket easing," she explained.Furthermore, she called for the cultivation of specialized rental entities to expand the intermediate rental market. "We need to nurture landlords with expertise to fill the significant gap between strict public rentals and the private rental market, enabling new and long-term rental operations. However, this must be linked to obligations for public compliance, transparent management, and tenant protection," she added.Jin concluded by stating, "The public sector should take on the role of a market creator that defends against downward supply during economic downturns, going beyond merely providing a housing safety net. We must strengthen the role of a housing ladder that lowers the entry barriers for first-time homebuyers." She also urged improvements to the overlapping and complex regulatory systems in adjustment target areas, speculative overheating zones, and land transaction permission areas, stating that while maintaining the ability to respond to market instability, efforts should be made to reduce public burdens and inconveniences.After the presentation, President Lee Jae-myung asked Jin about the structural reasons behind the sharp decline in housing permits and construction since 2022.Jin responded, "The impact of interest rate hikes that began at the end of 2022 has been significant. The delays in construction in the industry are due more to external factors such as global supply chain disruptions, material procurement issues, and rising construction costs that arose during the COVID-19 pandemic rather than policy factors."Regarding the current situation and future outlook, Jin noted, "This trend continues. While large corporations are returning to the market through private reconstruction contracts, the market involving small and medium-sized housing construction companies, which account for over 90% of the industry, remains significantly depressed."She also pointed out ongoing challenges such as sustained high interest rates, difficulties in material procurement, and the lack of improvement in the project financing market, predicting, "Considering the objective economic situation, it is highly likely that the trend of declining permits and construction will continue for the time being."* This article has been translated by AI. 2026-07-23 11:00:00
  • North America trade shake-up rattles Korean firms: Survey
    North America trade shake-up rattles Korean firms: Survey SEOUL, July 23 (AJP) - Nearly half of the South Korean companies with operations in North America expect a coming overhaul of the region's main trade pact to disrupt their business, according to a survey released this week, after Washington declined to renew the agreement in its current form and opened a decade of uncertainty across one of South Korea's biggest export markets. The finding comes from a poll of 43 South Korean firms with a presence in the United States, Mexico or Canada, conducted in early June by the Korea International Trade Association (KITA). Those three countries took in $145 billion of South Korean exports last year, more than a fifth of the national total and up from $81 billion a decade earlier, a rise of 79 percent. South Korean direct investment there grew almost as fast, reaching $28.6 billion in 2025, up 85 percent from 2016. At issue is the United States-Mexico-Canada Agreement (USMCA), the deal that governs tariff-free commerce among the three countries. On July 1, the United States told its two partners it would not extend the pact in its present shape. The decision stopped short of ending the agreement, but it set the region on course for years of annual renegotiation. USMCA took effect in 2020, replacing the North American Free Trade Agreement (NAFTA), the 1994 accord that first bound the three economies into a single tariff-free market. Unlike NAFTA, the newer pact carries what is known as a sunset clause. It requires the partners to review the deal every six years and decide whether to keep it, and it expires in 2036 unless all three governments agree to renew. July 1 was the first of those reviews. Because Washington withheld its consent, the pact now faces a review every year until 2036, and each round is a chance to reopen its core rules. The agreement stays fully in force in the meantime, and a renewal remains possible at any time, but companies across the continent must now plan around an unsettled decade. The report, from the trade research arm of the Korea International Trade Association (KITA), set out the main points of contention. Support for keeping the deal runs strong across the three countries, but the United States has pushed for changes in several areas, a stance the report linked to the trade agenda of the second Trump administration. Mexico and Canada have leaned toward preserving the pact as it stands. The largest of the disputed issues is a tightening of rules of origin. These are the requirements that decide how much of a product must be made within North America for it to move across borders tariff-free. Washington wants a higher share of a car and its parts built in the region to qualify, along with a new standard for steel, which would have to be melted and poured in North America rather than merely finished there. Other flashpoints include tighter curbs on goods from non-market economies, a label widely understood to target China, which the United States says routes products through Mexico to reach the North American market. The talks also cover cooperation on economic security and critical minerals, stricter customs and certification checks, tougher labor and environmental enforcement, and changes to digital trade rules. South Korea is not a party to the agreement. Its exposure runs through the many Korean manufacturers that build cars, batteries and other goods in North America, or that supply parts and materials to factories there. A tighter rules-of-origin regime could force those firms to buy more of their inputs locally or lose their tariff-free treatment. In the survey, companies named the rules of origin as their leading concern. Stricter content requirements for automobiles and parts drew the most worry, cited by 27.9 percent, followed by steel and aluminum at 20.9 percent and other manufactured goods at 9.3 percent. Almost half, 48.8 percent, said the reviews would have a considerable effect on how they operate. Firms are already weighing how to respond. The most common plan, cited by 41.9 percent, was to build alternative supply chains inside North America. About a third said they would look to step in as new suppliers as the regional supply map is redrawn, and 27.9 percent were considering fresh investment in the United States. The agreement is unlikely to collapse outright, because it anchors North America's industrial supply chains, said Jeon Yoon-sik, a senior researcher at the association, but a drawn-out review makes wider uncertainty in the local business environment unavoidable. "The stronger rules on origin and supply chains raise the threat of higher costs," he said, "but the chance to move in as an alternative supplier could also grow, so companies need to examine the origin and supply chain of each product and build a response system in advance." 2026-07-23 11:00:00
  • LS Electric Reports Record Q2 Operating Profit of 178.5 Billion Won
    LS Electric Reports Record Q2 Operating Profit of 178.5 Billion Won LS Electric has achieved record sales and operating profit for the second quarter, driven by the power supercycle.On July 23, LS Electric announced that its consolidated sales for the second quarter reached 1.577 trillion won, with an operating profit of 178.5 billion won. This marks a 32.2% increase in sales and a 64.4% rise in operating profit compared to the same period last year. Compared to the previous quarter, sales grew by 14.6% and operating profit increased by 41.0%.These results significantly surpass the previous record set in the fourth quarter of last year.In the second quarter, new orders totaled approximately 2.1 trillion won, continuing a solid growth trend. As a result, the current order backlog has increased by about 1.4 trillion won from the previous quarter, totaling 7 trillion won.The growth in performance was driven by the AI data center distribution business and the high-voltage transformer sector. The expansion of AI data center construction by global tech giants and increased capital investment in advanced manufacturing, such as semiconductors, have propelled the growth of distribution solutions. Additionally, ongoing demand for replacing aging power grids in the global market has led to significant growth in the high-voltage transformer business.Notably, sales of high-voltage transformers surged by 91.2% compared to the same period last year. The stabilization of the Busan high-voltage transformer production facility, which was completed last year, has significantly increased supply volumes. Sales from LS Power Solutions, a subsidiary specializing in high-voltage transformers, also rose by approximately 39% year-on-year.In the rapidly growing global energy storage system (ESS) market, LS Electric secured about 130 billion won in orders in the second quarter alone, driven by the expansion of renewable energy.Regionally, the North American market showed the most significant performance, generating approximately 400 billion won in sales, setting a record for the highest quarterly sales. The company is expanding investments in key production bases such as LS Electric Utah and the Bastrop Campus in Texas.In Europe, the company targeted demand for power grid replacements, resulting in a 21% increase in sales from its Spanish subsidiary. Sales from its Middle Eastern operations, where infrastructure investments are active, surged by about 42%, while the Vietnamese subsidiary also saw a 34% increase in sales, benefiting from investments in data centers and manufacturing.An LS Electric official stated, "As demand for power infrastructure surges globally, particularly in North America, we have achieved record results through increased orders for high-value products. We aim to expand our global market share by delivering results in future power solutions such as high-voltage direct current (HVDC) and low-voltage direct current (LVDC)."* This article has been translated by AI. 2026-07-23 10:56:00
  • President Lee: Real Estate Policy Must Endure Criticism and Resistance
    President Lee: Real Estate Policy Must Endure Criticism and Resistance Lee Jae-myung, the President of South Korea, stated that the government must be prepared to face criticism, conflict, and resistance regarding real estate policies. Speaking at the 'National Discussion Forum on Real Estate Policy' held at KBS in Yeouido, Seoul, he remarked, "While decisions on real estate policy are not made by majority vote, if there is rationality, we should follow the majority opinion." The President emphasized that elected officials are granted the power to accept undesirable situations, but this power should not be misused. He stressed the importance of balancing the interests of the public. "First and foremost, we must base our decisions on facts," he said, urging for accurate verification of objective facts and precise articulation of individual claims. He added, "Thirdly, we should gradually adjust these interests, as the power to reach a final conclusion lies in the ability to bridge gaps when they arise." Lee acknowledged that those who are dissatisfied may react strongly, stating, "This falls within the realm of responsibility." He highlighted that the greatest virtue of public officials is to take responsibility, noting that while they must endure criticism and some level of conflict and resistance, it is essential to gather and reconcile as many opinions as possible beforehand. He pointed out that South Korea is facing a demographic crisis, with international experts warning that the country could be among the first to face extinction due to low birth rates and increasing numbers of single individuals. He attributed part of this issue to housing problems, suggesting that public sentiment reflects this concern. Lee noted that feedback from the forum indicated a growing demand for special consideration for youth, newlyweds, and families with multiple children. The President remarked on the shift in perspectives during the forum, stating, "In the past, real estate was primarily viewed as a means to generate income, including speculation. However, this time, it seems there is a greater emphasis on real estate as a comfortable living space rather than merely an investment vehicle." Lee concluded by expressing his intention to listen openly to the opinions of the public, stating, "I believe a certain level of social consensus is achievable." * This article has been translated by AI. 2026-07-23 10:52:00